Published: Sun, May 13, 2018
Finance | By Loren Pratt

First crude oil cargo from ADNOC sets sail for ISPRL

First crude oil cargo from ADNOC sets sail for ISPRL

Abu Dhabi National Oil Company (ADNOC) plans to invest Dollars 45 billion over the next five years to expand its refining and petrochemicals operations, it said on Sunday. "Our increased presence in India will also catalyse demand for our own refined and petrochemical products", Dr Al Jaber said.

The work will upgrade the refining and petrochemicals plant at Ruwais in partnership with worldwide energy firms, he said.

Union Petroleum and Natural Gas Minister Dharmendra Pradhan on Saturday took a jibe at Congress, stating that as opposed to previous regimes, Prime Minister Narendra Modi-led government has worked hard to earn 10 per cent partnership in an offshore oilfield in Abu Dhabi. The UAE last year approved five-year spending plan of Dh400bn to be invested in exploring for the country's sour gas reserves as well as acquiring and developing downstream assets overseas.

The strategy is expected to add more than 15,000 jobs by 2025 and contribute an additional 1 per cent to GDP per year, it added.

"India looks towards the UAE as a preferred partner in further developing oil and gas infrastructure in the country".

In November, Abu Dhabi announced plans to invest $109 billion (81 billion euros) in the energy sector over the next five years.

According to him, the Abu Dhabi firm's downstream investment plans are in line with its 2030 strategy of a more profitable upstream, more valuable downstream and sustainable, economic gas supply, underpinned by more proactive and adaptive marketing and trading. "The business has improved operational efficiency, enhanced performance and realigned the management of its portfolio of assets and capital to create a new and expanded partnership and investment model", he added. This is Adnoc's first major investment in the Indian energy sector.

The traditionally conservative national oil company has been shaking up operations since the 2016 appointment of al-Jaber as CEO after years of being overshadowed by neighbour Saudi Aramco.

Adnoc has about 900,000 barrels a day of refining capacity at home, mainly at Ruwais on the Gulf coast. The Vishakhapatnam storage has capacity of 1.33 MT or 9.77 million barrels, Mangalore has a capacity of 1.5 MT or 11 million barrels and Padur can stock 2.5 MT 18.37 million barrels.

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